Holloway Company started operations on January $1,$ Year $1.$ During Year $1,$ Holloway earned $$9,400$ of service revenue and collected $$7,990$ cash from accounts receivable.

Required:

Based on this information alone, determine the following for Holloway Company.

$($Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.$)$

a$.$ The balance of the accounts receivable that would be reported on the December $31,$ Year $1,$ balance sheet.

b$.$ The amount of net income that would be reported on the Year $1$ income statement.

c$.$ The amount of net cash flow from operating activities that would be reported on the Year $1$ statement of cash flows.

d$.$ The amount of retained earnings that would be reported on the Year $1$ balance sheet.

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Accounting Equation

Req $A$ to $D$

Based on this information alone, determine the following for Holloway Company.

$($Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.$)$

Note: Not all cells require input. Enter any decreases to account balances with a minus sign.

Show I

$\backslash$table$[[$HOLLOWAY COMPANY$],[\backslash$table$[[$Effect of Events on the Year $1$ Horizontal Financial Statements$],[$Stockholders$\text{'}$ Equity$]]],[$Event$,$Assets,$\backslash$table$[[\backslash$table$[[=$